eConnect to begin Ireland November tests of in home ePIN originated Same-as-Cash sports gaming transactions
Business Wire - September 28, 1999 07:25
LOS ANGELES--(BUSINESS WIRE)--Sept. 28, 1999--eConnect forms (OTB:BB:ECNC) is targeting a November test of its ePIN placing government sanctioned Ireland in home Same-as-Cash(TM) gaming transactions on eSportsbet.
The ePIN, an inexpensive simple hardware device that links between the keyboard and the home computer, will be used to originate Same-as-Cash(TM) gaming transactions with a bank issued ATM card.
eConnect will be actively working with E-SAFE to test government sanctioned in home Ireland Same-as-Cash(TM) sports wagers being sent by the ePIN to eSportsbet as Ireland automatically taxes such winnings.
In Ireland, eConnect will use the inexpensive ePIN, the home computer and an ATM card and bank assigned PIN to originate Same-as-Cash gaming transactions to eSportsbet, which eConnect has an exclusive global Same-as-Cash processing contract with.
Ireland taxes such transactions at 5%, and this is the business model which eConnect believes will lay the groundwork for worldwide government acceptance of Internet gaming transactions.
The business of eConnect is to process self serviced bank card transactions with particular emphasis on home originated Same-as-Cash(TM) ATM card with PIN transactions. In the United States, eConnect owns the web sites of theartauction.com and sportfox.com to test ePIN originated purchases and has also established Cash2Trade.com to test ePIN originated Internet trading. Additionally, the public Kiosk service of EzyShop was launched in September with the eConnect EzyDepot. Outside of the United States, eConnect is working within sanctioned government environments to test in home originated ePIN Same-as-Cash(TM) wagering transactions.
This press release contains forward looking statements subject to the safe harbor act created by the Securities Litigation Reform Act of 1995. Management cautions that these statements represent projections and estimates of future performance and involve certain risks and uncertainties.
Actual results could differ materially from those anticipated in these forward-looking statements as a result of factors such as changes in the marketplace, unanticipated competitive activity, a downturn in economic conditions, or delays in product development.
CONTACT: Carnegie Cooke (For eConnect)
Anita Goldberg, 800/262-2331 (investor relations)
Elias Argyropoulos, 800/600-8599